S&P rates Actuant notes BB

Standard & Poor's said it assigned a BB rating to Actuant Corp.'s proposed $300 million senior unsecured notes due 2022.

The recovery rating on these notes is 5, indicating 10% to 30% expected recovery prospects.

The proceeds will be used to repay its outstanding notes due in 2017. The proposed new notes contain a change-of-control provision.

The BB+ corporate credit rating on Actuant reflects the company's fair business risk profile and significant financial risk profile, S&P said.

Actuant's operating performance should continue to benefit from the still-increasing, though moderating, demand in the company's global industrial markets in 2012, the agency said.

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